Common use of INTERPRETATION AND ARBITRATION Clause in Contracts

INTERPRETATION AND ARBITRATION. (a) Any question of interpretation of the provisions of this Agreement arising between any member and the Association or between any members of the Association shall be submitted to the Executive Directors for their decision. If the question particularly affects any member of the Association not entitled to appoint an Executive Director of the Bank, it shall be entitled to representation in accordance with Article VI, Section 4 (g). (b) In any case where the Executive Directors have given a decision under (a) above, any member may require that the question be referred to the Board of Governors, whose decision shall be final. Pending the result of the reference to the Board of Governors, the Association may, so far as it deems necessary, act on the basis of the decision of the Executive Directors. (c) Whenever a disagreement arises between the Association and a country which has ceased to be a member, or between the Association and any member during the permanent suspension of the Association, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Association, another by the country involved and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the International Court of Justice or such other authority as may have been prescribed by regulation adopted by the Association. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.

INTERPRETATION AND ARBITRATION. (a) Any question of interpretation of the provisions of this Agreement arising between any member and the Association Corporation or between any members of the Association Corporation shall be submitted to the Executive Board of Directors for their its decision. If the question particularly affects any member of the Association Corporation not entitled to appoint an Executive Director of the Bank, it shall be entitled to representation in accordance with Article VIIV, Section 4 (g). (b) In any case where the Executive Board of Directors have has given a decision under (a) above, any member may require that the question be referred to the Board of Governors, whose decision shall be final. Pending the result of the reference to the Board of Governors, the Association Corporation may, so far as it deems necessary, act on the basis of the decision of the Executive Board of Directors. (c) Whenever a disagreement arises between the Association Corporation and a country which has ceased to be a member, or between the Association and Corporation and' any member during the permanent suspension of the AssociationCorporation, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the AssociationCorporation, another by the country involved and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the International Court of Justice or such other authority as may have been prescribed by regulation adopted by the AssociationCorporation. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.

INTERPRETATION AND ARBITRATION. (a) Any question of interpretation of the provisions of this Agreement arising between any member and the Association or between any members of the Association shall be submitted to the Executive Directors for their decision. If the question particularly affects any member of the Association not entitled to appoint an Executive Director of the Bank, it shall be entitled to representation in accordance with Article VI, Section 4 (g). (b) In any case where the Executive Directors have given a decision under (a) above, any member may require that the question be referred to the Board of Governors, whose decision shall be final. Pending the result of the reference to the Board of Governors, the Association may, so far as it deems necessary, act on the basis of the decision of the Executive Directors. (c) Whenever a disagreement arises between the Association and a country which has ceased to be a member, or between the Association and any member during the permanent suspension of the Association, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Association, another by the country involved and an umpire umpire, who, unless the parties otherwise agree, shall be appointed by the President of the International Court of Justice or such other authority as may have been prescribed by regulation adopted by the Association. The umpire shall have full power to settle all questions of procedure in any case where the parties are in disagreement with respect thereto.